I recently bought a Buck 426 from an eBay seller (the 426 is a Bucklite version of the 110 produced in the 1980's). It was very difficulty to open and close (both blade and lockback) because of dried gunk in the mechanism.
I tried all the usual remedies others have described in this thread but nothing worked. I went to Lowe's to see what oils, etc. they had in stock to find inspiration, and I bought a (new?) product called DuPont Teflon Multi-Use Lubricant (4 oz bottle for about $4 or $5).
I was AMAZED. This lube is some newfangled technology I'd heard of but never seen. In a nutshell, the Teflon is a powder suspended in a liquid. It looks like milk when you squirt it on a surface, but after several minutes, it begins to dry to a crusty consistency and, after several hours, it becomes a loose powder (loose as in I could pick some off the knife with my finger, not loose as in flying off like talcum and making a mess).
I absolutely BATHED the 426 in the stuff two or three times -- blade pivot, lockback spring, almost every exposed surface. After drying, the Teflon clings to dirt and grim and can be wiped off, at which time repeated treatments got it cleaner and cleaner, and easier to open/close.
I've tried it as a "pure lube" (i.e., no repeat treatments for cleaning, just a little applied for lubrication) and it seems to work well -- makes moving parts move smoothly but without oil beading, as happens with oils or other lubes.
The only downside I can see at this point is that it's petroleum based and is toxic if swallowed, so I can't cut apples with any knife lubed with the stuff.